How Does it Work?
Suppose you are interested in purchasing a product worth ₹30,000 and would like to avail of the No Cost EMI Option to pay over three months.
No Cost EMI Plans
Example of how a No Cost EMI Plan works
| Purchase Value | EMI Plan | Interest (pa) | Total Cost with EMI Interest |
Discount on Purchase value (₹30,000) |
Total Cost | Interest on Total Cost (₹29,362) |
Your Final Cost |
|---|---|---|---|---|---|---|---|
| ₹30,000 | ₹10,000 x 3 months | ₹638(13%) | ₹30,638 | ₹638 | ₹30,000 -₹638 =₹29,362 |
₹625(13%) | ₹29,362 +625 =₹29,987 |
So in effect, if No Cost EMI is applicable on your purchase, it will be given as an upfront “EMI discount” at the time of making payment. This will cover the interest charged by your bank.
Please note that you will be charged interest by your bank on the discounted value of your purchase. However, the total amount you pay for the product including interest will be equivalent to the product purchase value.
You can also make your purchase without the No Cost EMI option.
Frequently Asked Questions
1. What is No Cost EMI?
No Cost EMI is an offer by which you pay your EMI provider only the product price, equally divided over your repayment timeline. For example, if you buy an ₹12,000 item at a 6-month tenure, you will pay your EMI provider ₹2,000 every month for 6 months, amounting to a total of ₹12,000*.
2. Which payment methods can I use to get a No Cost EMI?
No cost EMI is available on credit cards from all major banks (Axis, ICICI, HDFC, Citi Bank, SBI, IndusInd, Yes Bank, Kotak, RBL, HSBC, Standard Chartered).
3. Are there any fees or down payment?
If you are availing EMI using a HDFC bank credit or debit card, you will be charged a processing fee of ₹99 to ₹199 by banks. For ICICI debit EMI, you will be charged a processing fee of ₹199 which will be billed along with your first EMI. Certain banks may charge GST on the interest component of the EMI.
4. Is No cost EMI available on all products on the site?
No cost EMI is available on wide selection of products and categories. You can check the availability of EMI on the individual product page.
5. Will my bank continue to charge me interest?
Yes, your bank will charge you interest. However, this interest charge has been provided to you as an upfront discount at the time of your purchase, effectively giving you the benefit of a No Cost EMI*.
6. How will my EMI be charged?
Your EMI provider will take 3-5 working days to process your EMI. Once done, your EMI will be charged on a monthly basis, as per your credit card billing cycle or payment instructions with your EMI provider. Please check with your provider for specific details.
*Note: this excludes GST that will be charged by your bank on your interest component of the EMI
Terms and Conditions of EMI
- The following terms & conditions apply to any transactions made using EMI as a payment option on hifimart.com.
- HiFi MART facilitates Equated Monthly Installments (“EMI”) payment method on all purchases worth: (a) Rs. 30,000 and above made on https://hifimart.com/ using eligible credit cards;(b) Rs. 30,000 and above on hifimart.com made using eligible debit cards of ICICI, Axis and SBI banks and (c) Rs.30,000 and above on hifimart.com made using eligible debit cards of HDFC and Axis.
- Customers can combine multiple items into a single purchase on hifimart.com and convert the purchase into an EMI
- The EMI facility is not available on purchases made using Net Banking or other payment methods.
- The EMI facility is being offered by the respective banks to the customer and HiFi MART has no role to play in the approval, extension, pricing, modification, pre-closure, closure or any matter incidental thereto pertaining to offering of the EMI facility, which is decided at the sole discretion of the bank.
- The EMI facility being offered by the banks to the customers is governed by the respective terms and conditions of each bank/issuer and the customer is advised to approach the bank/issuer in case of any complaint, dispute or enquiry about an EMI transaction.
- Statutory taxes (GST, Education cess, and any other taxes) will be levied by the banks on the charges levied by them for the EMI facility as mandated by applicable laws and regulations.
- HiFi MART reserves the right to stop facilitating this service on hifimart.com without any prior notice.
- HiFi MART on a best effort basis displays representative EMI related information (EMI amount, Interest rate charged, Total amount payable) for the customer’s purchase on hifimart.com as per the information shared with it by the respective banks on an “AS IS” basis. Banks/issuers are the authoritative source of this information and customers are advised to directly contact their bank/issuer for any further clarifications in this regard. For more information, we request you to review the terms and conditions of the respective banks offering such EMI facility.
- HiFi MART does not charge the customer any processing or convenience fee for the purpose of facilitating the EMI facility for its customers.
- In the case of customer cancels an order purchased on EMI within 10 minutes after placing order and before it is shipped, HiFi MART will facilitate the refunds as per the relevant refund policy. The customer is advised to check with the respective bank/issuer offering the EMI how the cancellations or refund will affect the EMI terms and of any pre-closure or interest charges levied on the customer.
- For HDFC bank credit card and debit card EMI for the first EMI, the interest will be calculated from the loan booking date till the payment due date. Further, the bank charges a processing fee of Rs. 99+GST, for every EMI or No cost EMI transaction which will be billed in the first repayment instalment
- For every ICICI bank debit card EMI or No cost EMI transaction, ICICI Bank charges a processing fee of Rs. 199+GST, which will be billed in the first repayment instalment.
- For every Kotak Mahindra debit card EMI or No cost EMI transaction, the bank charges a processing fee of Rs 99+GST which will be billed in the first repayment instalment.
- HiFi MART shall not be held liable for any dispute arising out of or in connection with such EMI facility being offered by the respective banks/issuer including but not limited to the authenticity and/or accuracy of any EMI information supplied by the banks to HiFi MART for displaying on hifimart.com.
Terms and Conditions of Credit Card No Cost EMI
- The following terms and conditions apply to no cost equated monthly installment (“EMI”) transactions made using an eligible credit card issued by any bank and using EMI facility as a payment option (“No Cost EMI”)
- The No Cost EMI facility is being offered to the customers who make a purchase transaction on hifimart.com using an eligible credit card issued by any bank using EMI facility; if available on hifimart.com
- The No Cost EMI facility is funded by sellers and/or brands (as the case may be) and is made available on select products, as determined from time to time by the sellers and/or brands
- The No Cost EMI payment option can be availed using the credit card of any bank on hifimart.com and is not available on purchases made using net banking or pay-on-delivery payment methods.
- Using the No Cost EMI payment option, the customers who undertake the purchase transactions on hifimart.com will only pay amounts such that the total of these amounts during the EMI tenure is equal to the list price of the products as displayed on hifimart.com (at the time of making the purchase transactions). The participating sellers or brands (as the case may be) will provide amounts equivalent to the interest imposed by the banks to undertake the purchase transactions on EMI.
- The banks issuing the credit cards reserve the right to charge Goods and Services Tax (GST) or other applicable taxes on the purchase transactions undertaken on EMI which will be over and above the product price.
- Customers can add more than one item to their cart and if all the products are eligible for No Cost EMI, such customers will receive the No Cost EMI payment option on all items. No Cost EMI discount will be calculated only on the eligible items in the cart.
- Customers may avail the No Cost EMI facility, provided that:
the order is not cancelled by the customer or the participating sellers or HiFi MART; or
the product is not returned/exchanged by the customer. - The EMI facility is made available to the customers by and in the sole discretion of the banks issuing the credit cards. HiFi MART will not be liable for any claims on account of the availability or non-availability of EMI facility.
- HiFi MART reserves the right to stop No Cost EMI payment option at any time without prior notice and without any liability